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2 June, 15:38

If $7300 is invested in a savings account for which interest is compounded monthly, and if the $7300 turns into $8600 in 2 years, what is the interest rate of the savings account?

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  1. 2 June, 15:44
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    The equation needed is

    8600=7300 (1+r12) 24

    where r is the annual interest rate as a decimal.
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